Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 15,717,655 $ 11,723,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,058,512 4,836,351
Loss on disposal of property and equipment 41,782 0
Share-based compensation 833,944 321,233
Unrealized loss from investment in equity securities 8,550 0
Change in fair value of derivative instrument 0 (1,522,222)
Loss (income) from equity method investments 28,024 (2,227,262)
Deferred tax 2,807,407 2,109,535
Changes in operating assets and liabilities:    
Receivable, net (21,087,819) 14,410,196
Prepaid expenses and other current assets (398,571) (428,871)
Other assets (59,444) (54,368)
Accounts payable and accrued expenses (1,169,363) (2,350,949)
Incentives payable (6,600,000) (9,721,645)
Medical liabilities 5,138,508 (257,945)
Income taxes payable 4,416,174 4,267,804
Net cash provided by operating activities 4,735,359 21,105,648
Cash flows from investing activities    
Purchases of marketable securities (3,932) (1,301)
Advances to related parties - loans receivable 0 (5,000,000)
Dividends received from equity method investments 0 1,000,000
Proceeds on sale of investments - cost method 0 25,000
Purchases of property and equipment (485,121) (318,821)
Net cash used in investing activities (489,053) (4,295,122)
Cash flows from financing activities    
Repayment of bank loan (140,608) 0
Dividends paid (2,000,000) (8,750,000)
Change in noncontrolling interest capital 0 (27,500)
Payment of capital lease obligations (24,407) (30,980)
Proceeds from exercise of stock options and warrants 1,923,784 425,025
Net cash used in financing activities (241,231) (8,383,455)
Net increase in cash, cash equivalents and restricted cash 4,005,075 8,427,071
Cash, cash equivalents and restricted cash, beginning of period 118,500,095 54,925,712
Cash, cash equivalents and restricted cash, end of period 122,505,170 63,352,783
Supplemental disclosures of cash flow information    
Cash paid for income taxes 0 1,511,000
Cash paid for interest 73,610 811
Supplemental disclosures of non-cash investing and financing activities    
Cashless exercise of stock options 43 0
Reclassification of stock options exercised to liability for unissued common shares 0 425,025
Deferred tax liability adjustment to goodwill 914,011 0
Cumulative effect adjustment for ASC 606 included in accounts receivable 11,600,000 0
Cumulative effect adjustment for ASC 606 included in deferred tax liabilities 3,246,098 0
Reclassification of fiduciary cash to payable 630,963 32,485
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 103,731,761 63,251,651
Restricted cash - long-term - letters of credit 745,293 101,132
Restricted cash - short-term - distributions to former NMM shareholders 18,028,116 0
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 122,505,170 $ 63,352,783